{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-124.20.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-124.20.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-124.20.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-124.20.html"}],"law_id":79996,"edition_id":1,"section_id":79996,"structure_id":14912,"section_number":"51.1-124.20","catch_line":"Board of Trustees; membership; terms; quorum; compensation and expenses","history":"1952, c. 157, \u00a7\u00a7 51-111.18 to 51-111.20; 1956, c. 363; 1958, c. 419; 1970, c. 476; 1971, Ex. Sess., c. 88; 1973, c. 523; 1974, c. 353; 1977, c. 620; 1980, cc. 681, 728; 1989, c. 41; 1990, c. 832, \u00a7 51.1-109; 1994, cc. 4, 85; 1995, c. 788; 1997, c. 641; 1998, c. 196; 2004, c. 1000.","full_text":"A\n\nThe Board of Trustees of the Virginia Retirement System is established as an independent board in state government and shall consist of nine members as follows: five members appointed by the Governor and confirmed by the affirmative vote of a majority of those voting in each house of the General Assembly and four members appointed by the Joint Rules Committee and confirmed by the affirmative vote of a majority of those voting in each house of the General Assembly.B\n\nMembers shall be appointed for five-year terms with such members leaving the Board on a staggered basis as initially provided. Appointments to fill vacancies shall be for the unexpired terms. A vacancy of a legislatively appointed trustee shall be filled by the Joint Rules Committee, and any such appointee shall enter upon and continue in office, subject to confirmation at the next session of the General Assembly. If the General Assembly refuses or fails to confirm his appointment, such person shall not be eligible for reappointment.C\n\nNo member shall be eligible to serve for more than two successive five-year terms. After the expiration of an unexpired term to which appointed, or for an initial staggered appointment of less than five years, a member may serve one additional five-year term.D\n\nSubject to confirmation by the affirmative vote of a majority of those voting in each house of the General Assembly, the Governor shall designate the chairman of the Board from among the Board members described in subsection A above. A chairman may be reappointed and confirmed for additional two-year terms, not to exceed a total of two. However, the initial chairman’s one-year term shall not be counted against the two-term limitation, and such person may serve as chairman for five successive years if appointed and confirmed as aforesaid. The chairman shall (i) preside over meetings of the Board; (ii) communicate on behalf of the Board to outside entities interested in the Retirement System; and (iii) perform additional duties as may be set by resolution of the Board. The Board shall elect one of its members as vice-chairman and appoint a secretary who may or may not be a member of the Board. A majority of the members of the Board shall constitute a quorum. The meetings of the Board shall be held at the call of the chairman or whenever the majority of the members so request.E\n\nTrustees shall receive an initial stipend of $3,000 for each calendar quarter they may serve and a per diem of $300 for each Board meeting attended not to exceed one meeting per day. Commencing July 1, 1995, the stipend shall be increased annually by a percentage equal to the most recent salary structure adjustment as provided in the general appropriation act. The chairman shall receive an additional $1,500 for each calendar quarter served in such capacity. Government employees, still actively employed by any governmental entity, shall receive a per diem of $300 for each Board meeting attended, not to exceed one meeting per day, but shall receive no stipend for their service. Retired government employees shall be entitled to receive a stipend of $3,000 for each calendar quarter they may serve and a per diem of $300 for each Board meeting attended not to exceed one meeting per day. Each Board member shall be entitled to receive reimbursement for all reasonable and necessary expenses incurred for attending Board meetings as provided in §§ 2.2-2813 and 2.2-2825. Any member of the Board who also serves as an officer, director, or member of the board of any corporation organized by the Virginia Retirement System shall be entitled to receive compensation and expenses pursuant to this subsection in addition to any remuneration to which he is entitled by virtue of his service as an officer, director, or member of the board of any corporation organized by the Virginia Retirement System. Funding for the costs of compensation and expenses of the members shall be provided by the Virginia Retirement System.F\n\nNo elected or appointed official shall serve on the Board of Trustees. Except for the faculty member or employee of a public institution of higher education, none of the gubernatorial appointees shall be an employee of state government.G\n\nThe gubernatorial appointees shall be as follows: two shall have a minimum of five years of experience in the direct management, analysis, supervision, or investment of assets; one shall have at least five years of direct experience in the management and administration of employee benefit plans; one shall be a local employee; and one shall be a faculty member or employee of a public institution of higher education.H\n\nThe legislative appointees shall be as follows: two shall have a minimum of five years of experience in the direct management, analysis, supervision, or investment of assets; and one shall be a state employee and one shall be a teacher, as such terms are defined in § 51.1-124.3.I\n\nState and local government employees appointed to the Board pursuant to this section shall be members of the Retirement System at the time of their appointment, may be actively employed or retired, and if actively employed, shall be given administrative leave from their employment to attend Board and advisory committee meetings.J\n\nMembers of the Board shall be subject to removal from office only as set forth in Article 7 (§§ 24.2-230 through 24.2-238) of Chapter 2 of Title 24.2. The Circuit Court of the City of Richmond shall have exclusive jurisdiction over all proceedings for such removal.K\n\nFaculty members of public institutions of higher education shall be eligible to serve on the Board pursuant to this section if they are members of the Retirement System at the time of their confirmation to the Board or become members of the Retirement System within 18 months after their confirmation to the Board.L\n\nAll members of the Board shall be citizens of the Commonwealth.","order_by":null,"text":{"0":{"id":286496,"text":"The Board of Trustees of the Virginia Retirement System is established as an independent board in state government and shall consist of nine members as follows: five members appointed by the Governor and confirmed by the affirmative vote of a majority of those voting in each house of the General Assembly and four members appointed by the Joint Rules Committee and confirmed by the affirmative vote of a majority of those voting in each house of the General Assembly.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":286497,"text":"Members shall be appointed for five-year terms with such members leaving the Board on a staggered basis as initially provided. Appointments to fill vacancies shall be for the unexpired terms. A vacancy of a legislatively appointed trustee shall be filled by the Joint Rules Committee, and any such appointee shall enter upon and continue in office, subject to confirmation at the next session of the General Assembly. If the General Assembly refuses or fails to confirm his appointment, such person shall not be eligible for reappointment.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":286498,"text":"No member shall be eligible to serve for more than two successive five-year terms. After the expiration of an unexpired term to which appointed, or for an initial staggered appointment of less than five years, a member may serve one additional five-year term.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":286499,"text":"Subject to confirmation by the affirmative vote of a majority of those voting in each house of the General Assembly, the Governor shall designate the chairman of the Board from among the Board members described in subsection A above. A chairman may be reappointed and confirmed for additional two-year terms, not to exceed a total of two. However, the initial chairman’s one-year term shall not be counted against the two-term limitation, and such person may serve as chairman for five successive years if appointed and confirmed as aforesaid. The chairman shall (i) preside over meetings of the Board; (ii) communicate on behalf of the Board to outside entities interested in the Retirement System; and (iii) perform additional duties as may be set by resolution of the Board. The Board shall elect one of its members as vice-chairman and appoint a secretary who may or may not be a member of the Board. A majority of the members of the Board shall constitute a quorum. The meetings of the Board shall be held at the call of the chairman or whenever the majority of the members so request.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":286500,"text":"Trustees shall receive an initial stipend of $3,000 for each calendar quarter they may serve and a per diem of $300 for each Board meeting attended not to exceed one meeting per day. Commencing July 1, 1995, the stipend shall be increased annually by a percentage equal to the most recent salary structure adjustment as provided in the general appropriation act. The chairman shall receive an additional $1,500 for each calendar quarter served in such capacity. Government employees, still actively employed by any governmental entity, shall receive a per diem of $300 for each Board meeting attended, not to exceed one meeting per day, but shall receive no stipend for their service. Retired government employees shall be entitled to receive a stipend of $3,000 for each calendar quarter they may serve and a per diem of $300 for each Board meeting attended not to exceed one meeting per day. Each Board member shall be entitled to receive reimbursement for all reasonable and necessary expenses incurred for attending Board meetings as provided in §§ 2.2-2813 and 2.2-2825. Any member of the Board who also serves as an officer, director, or member of the board of any corporation organized by the Virginia Retirement System shall be entitled to receive compensation and expenses pursuant to this subsection in addition to any remuneration to which he is entitled by virtue of his service as an officer, director, or member of the board of any corporation organized by the Virginia Retirement System. Funding for the costs of compensation and expenses of the members shall be provided by the Virginia Retirement System.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":286501,"text":"No elected or appointed official shall serve on the Board of Trustees. Except for the faculty member or employee of a public institution of higher education, none of the gubernatorial appointees shall be an employee of state government.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"6":{"id":286502,"text":"The gubernatorial appointees shall be as follows: two shall have a minimum of five years of experience in the direct management, analysis, supervision, or investment of assets; one shall have at least five years of direct experience in the management and administration of employee benefit plans; one shall be a local employee; and one shall be a faculty member or employee of a public institution of higher education.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"7":{"id":286503,"text":"The legislative appointees shall be as follows: two shall have a minimum of five years of experience in the direct management, analysis, supervision, or investment of assets; and one shall be a state employee and one shall be a teacher, as such terms are defined in § 51.1-124.3.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G","next_prefix":"I"},"8":{"id":286504,"text":"State and local government employees appointed to the Board pursuant to this section shall be members of the Retirement System at the time of their appointment, may be actively employed or retired, and if actively employed, shall be given administrative leave from their employment to attend Board and advisory committee meetings.","type":"section","prefixes":["I"],"prefix":"I","entire_prefix":"I","prefix_anchor":"I","level":1,"prior_prefix":"H","next_prefix":"J"},"9":{"id":286505,"text":"Members of the Board shall be subject to removal from office only as set forth in Article 7 (§§ 24.2-230 through 24.2-238) of Chapter 2 of Title 24.2. The Circuit Court of the City of Richmond shall have exclusive jurisdiction over all proceedings for such removal.","type":"section","prefixes":["J"],"prefix":"J","entire_prefix":"J","prefix_anchor":"J","level":1,"prior_prefix":"I","next_prefix":"K"},"10":{"id":286506,"text":"Faculty members of public institutions of higher education shall be eligible to serve on the Board pursuant to this section if they are members of the Retirement System at the time of their confirmation to the Board or become members of the Retirement System within 18 months after their confirmation to the Board.","type":"section","prefixes":["K"],"prefix":"K","entire_prefix":"K","prefix_anchor":"K","level":1,"prior_prefix":"J","next_prefix":"L"},"11":{"id":286507,"text":"All members of the Board shall be citizens of the Commonwealth.","type":"section","prefixes":["L"],"prefix":"L","entire_prefix":"L","prefix_anchor":"L","level":1,"prior_prefix":"K"}},"ancestry":[{"id":14912,"edition_id":1,"name":"Board of Trustees, Medical Board, and Advisory Committees","identifier":"2.1","label":"article","depth":3,"order_by":1,"parent_id":13056,"metadata":{},"date_created":"2026-06-26 03:50:45","date_modified":"2026-06-26 03:50:45","permalink":{"id":235097,"object_type":"structure","relational_id":14912,"identifier":"2.1","token":"51.1\/1\/2.1","url":"\/51.1\/1\/2.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13056,"edition_id":1,"name":"Virginia Retirement System","identifier":"1","label":"chapter","depth":2,"order_by":1,"parent_id":12947,"metadata":{},"date_created":"2026-06-26 03:44:11","date_modified":"2026-06-26 03:44:11","permalink":{"id":235031,"object_type":"structure","relational_id":13056,"identifier":"1","token":"51.1\/1","url":"\/51.1\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12947,"edition_id":1,"name":"Pensions, Benefits, and Retirement","identifier":"51.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:04","date_modified":"2026-06-26 03:44:04","permalink":{"id":235029,"object_type":"structure","relational_id":12947,"identifier":"51.1","token":"51.1","url":"\/51.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":79996,"structure_id":14912,"section_number":"51.1-124.20","catch_line":"Board of Trustees; membership; terms; quorum; compensation and expenses","url":"\/51.1-124.20\/","token":"51.1\/1\/2.1\/51.1-124.20","metadata":false},{"id":56921,"structure_id":14912,"section_number":"51.1-124.21","catch_line":"Application of State and Local Government Conflict of Interests Act","url":"\/51.1-124.21\/","token":"51.1\/1\/2.1\/51.1-124.21","metadata":false},{"id":78683,"structure_id":14912,"section_number":"51.1-124.22","catch_line":"Board to administer Retirement System; powers and duties","url":"\/51.1-124.22\/","token":"51.1\/1\/2.1\/51.1-124.22","metadata":false},{"id":80443,"structure_id":14912,"section_number":"51.1-124.23","catch_line":"Medical boards","url":"\/51.1-124.23\/","token":"51.1\/1\/2.1\/51.1-124.23","metadata":false},{"id":62230,"structure_id":14912,"section_number":"51.1-124.24","catch_line":"Chief investment officer; qualifications; duties","url":"\/51.1-124.24\/","token":"51.1\/1\/2.1\/51.1-124.24","metadata":false},{"id":87411,"structure_id":14912,"section_number":"51.1-124.25","catch_line":"Existing advisory committees of the Virginia Retirement System abolished","url":"\/51.1-124.25\/","token":"51.1\/1\/2.1\/51.1-124.25","metadata":false},{"id":58716,"structure_id":14912,"section_number":"51.1-124.26","catch_line":"Advisory Committees to the Board of Trustees; membership; terms; qualifications; duties","url":"\/51.1-124.26\/","token":"51.1\/1\/2.1\/51.1-124.26","metadata":false},{"id":84937,"structure_id":14912,"section_number":"51.1-124.27","catch_line":"Employees of the Retirement System","url":"\/51.1-124.27\/","token":"51.1\/1\/2.1\/51.1-124.27","metadata":false},{"id":82232,"structure_id":14912,"section_number":"51.1-124.28","catch_line":"Legal representation in criminal matters","url":"\/51.1-124.28\/","token":"51.1\/1\/2.1\/51.1-124.28","metadata":false},{"id":64526,"structure_id":14912,"section_number":"51.1-124.29","catch_line":"Reserved","url":"\/51.1-124.29\/","token":"51.1\/1\/2.1\/51.1-124.29","metadata":false}],"next_section":{"id":56921,"structure_id":14912,"section_number":"51.1-124.21","catch_line":"Application of State and Local Government Conflict of Interests Act","url":"\/51.1-124.21\/","token":"51.1\/1\/2.1\/51.1-124.21","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-124.20\/","history_text":"

This law was first created in 1952. The record of its establishment is cataloged in chapter 157 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1952 \u201cActs\u201d aren\u2019t available online. It has been modified 14 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1956, chapter 363; in 1958, chapter 419; in 1970, chapter 476; in 1973, chapter 523; in 1974, chapter 353; in 1977, chapter 620; in 1980, chapters 681 and 728; in 1989, chapter 41; in 1990, chapter 832; in 1994, chapters 4<\/a> and 85<\/a>; in 1995, chapter 788<\/a>; in 1997, chapter 641<\/a>; in 1998, chapter 196<\/a>; in 2004, chapter 1000<\/a>.<\/p>","references":false,"refers_to":[{"id":71377,"section_number":"2.2-2813","catch_line":"Definitions; compensation and expense payments from state funds for service on collegial bodies","order_by":null,"url":"\/2.2-2813\/"},{"id":73173,"section_number":"2.2-2825","catch_line":"Reimbursement for certain travel expenditures; restrictions on reimbursement","order_by":null,"url":"\/2.2-2825\/"},{"id":63359,"section_number":"24.2-230","catch_line":"Applicability of article; certain exceptions","order_by":null,"url":"\/24.2-230\/"},{"id":79620,"section_number":"24.2-238","catch_line":"Costs","order_by":null,"url":"\/24.2-238\/"}],"permalink":{"id":235099,"object_type":"law","relational_id":79996,"identifier":"51.1-124.20","token":"51.1\/1\/2.1\/51.1-124.20","url":"\/51.1-124.20\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-124.20\/","token":"51.1\/1\/2.1\/51.1-124.20","dublin_core":{"Title":"Board of Trustees; membership; terms; quorum; compensation and expenses","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-124.20","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Board<\/span> of Trustees of the Virginia Retirement System<\/span> is established as an independent board<\/span> in state government and shall consist of nine members<\/span> as follows: five members<\/span> appointed by the Governor and confirmed by the affirmative vote of a majority of those voting in each house of the General Assembly and four members<\/span> appointed by the Joint Rules Committee<\/span> and confirmed by the affirmative vote of a majority of those voting in each house of the General Assembly. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Members<\/span> shall be appointed for five-year terms with such members<\/span> leaving the Board<\/span> on a staggered basis as initially provided. Appointments to fill vacancies shall be for the unexpired terms. A vacancy of a legislatively appointed trustee shall be filled by the Joint Rules Committee<\/span>, and any such appointee shall enter upon and continue in office, subject to confirmation at the next session of the General Assembly. If the General Assembly refuses or fails to confirm his appointment, such person shall not be eligible for reappointment. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> No member<\/span> shall be eligible to serve for more than two successive five-year terms. After the expiration of an unexpired term to which appointed, or for an initial staggered appointment of less than five years, a member<\/span> may serve one additional five-year term. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Subject to confirmation by the affirmative vote of a majority of those voting in each house of the General Assembly, the Governor shall designate the chairman of the Board<\/span> from among the Board<\/span> members<\/span> described in subsection A above. A chairman may be reappointed and confirmed for additional two-year terms, not to exceed a total of two. However, the initial chairman’s one-year term shall not be counted against the two-term limitation, and such person may serve as chairman for five successive years if appointed and confirmed as aforesaid. The chairman shall (i) preside over meetings of the Board<\/span>; (ii) communicate on behalf of the Board<\/span> to outside entities interested in the Retirement System<\/span>; and (iii) perform additional duties as may be set by resolution of the Board<\/span>. The Board<\/span> shall elect one of its members<\/span> as vice-chairman and appoint a secretary who may or may not be a member<\/span> of the Board<\/span>. A majority of the members<\/span> of the Board<\/span> shall constitute a quorum. The meetings of the Board<\/span> shall be held at the call of the chairman or whenever the majority of the members<\/span> so request. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Trustees shall receive an initial stipend of $3,000 for each calendar quarter they may serve and a per diem of $300 for each Board<\/span> meeting attended not to exceed one meeting per day. Commencing July 1, 1995, the stipend shall be increased annually by a percentage equal to the most recent salary structure adjustment as provided in the general appropriation act. The chairman shall receive an additional $1,500 for each calendar quarter served in such capacity. Government employees<\/span>, still actively employed by any governmental entity, shall receive a per diem of $300 for each Board<\/span> meeting attended, not to exceed one meeting per day, but shall receive no stipend for their service<\/span>. Retired government employees<\/span> shall be entitled to receive a stipend of $3,000 for each calendar quarter they may serve and a per diem of $300 for each Board<\/span> meeting attended not to exceed one meeting per day. Each Board<\/span> member<\/span> shall be entitled to receive reimbursement for all reasonable and necessary expenses incurred for attending Board<\/span> meetings as provided in §§ 2.2-2813<\/a> and 2.2-2825<\/a>. Any member<\/span> of the Board<\/span> who also serves as an officer, director, or member<\/span> of the board<\/span> of any corporation organized by the Virginia Retirement System<\/span> shall be entitled to receive compensation and expenses pursuant to this subsection in addition to any remuneration to which he is entitled by virtue of his service<\/span> as an officer, director, or member<\/span> of the board<\/span> of any corporation organized by the Virginia Retirement System<\/span>. Funding for the costs of compensation and expenses of the members<\/span> shall be provided by the Virginia Retirement System<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> No elected or appointed official shall serve on the Board<\/span> of Trustees. Except for the faculty member<\/span> or employee<\/span> of a public institution of higher education, none of the gubernatorial appointees shall be an employee<\/span> of state government. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> The gubernatorial appointees shall be as follows: two shall have a minimum of five years of experience in the direct management, analysis, supervision, or investment of assets<\/span>; one shall have at least five years of direct experience in the management and administration of employee<\/span> benefit plans; one shall be a local employee<\/span>; and one shall be a faculty member<\/span> or employee<\/span> of a public institution of higher education. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> The legislative appointees shall be as follows: two shall have a minimum of five years of experience in the direct management, analysis, supervision, or investment of assets<\/span>; and one shall be a state employee<\/span> and one shall be a teacher<\/span>, as such terms are defined in § 51.1-124.3<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

I.<\/span> State and local government employees<\/span> appointed to the Board<\/span> pursuant to this section shall be members<\/span> of the Retirement System<\/span> at the time of their appointment, may be actively employed or retired, and if actively employed, shall be given administrative leave from their employment to attend Board<\/span> and advisory committee meetings. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

J.<\/span> Members<\/span> of the Board<\/span> shall be subject to removal from office only as set forth in Article 7 (§§ 24.2-230<\/a> through 24.2-238<\/a>) of Chapter 2 of Title 24.2. The Circuit<\/span> Court<\/span> of the City of Richmond shall have exclusive jurisdiction<\/span> over all proceedings for such removal. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

K.<\/span> Faculty members<\/span> of public institutions of higher education shall be eligible to serve on the Board<\/span> pursuant to this section if they are members<\/span> of the Retirement System<\/span> at the time of their confirmation to the Board<\/span> or become members<\/span> of the Retirement System<\/span> within 18 months after their confirmation to the Board<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

L.<\/span> All members<\/span> of the Board<\/span> shall be citizens of the Commonwealth. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOARD OF TRUSTEES; MEMBERSHIP; TERMS; QUORUM; COMPENSATION AND EXPENSES (\u00a7\n51.1-124.20)\n\nA. The Board of Trustees of the Virginia Retirement System is established as an\nindependent board in state government and shall consist of nine members as\nfollows: five members appointed by the Governor and confirmed by the affirmative\nvote of a majority of those voting in each house of the General Assembly and\nfour members appointed by the Joint Rules Committee and confirmed by the\naffirmative vote of a majority of those voting in each house of the General\nAssembly.\n\nB. Members shall be appointed for five-year terms with such members leaving the\nBoard on a staggered basis as initially provided. Appointments to fill vacancies\nshall be for the unexpired terms. A vacancy of a legislatively appointed trustee\nshall be filled by the Joint Rules Committee, and any such appointee shall enter\nupon and continue in office, subject to confirmation at the next session of the\nGeneral Assembly. If the General Assembly refuses or fails to confirm his\nappointment, such person shall not be eligible for reappointment.\n\nC. No member shall be eligible to serve for more than two successive five-year\nterms. After the expiration of an unexpired term to which appointed, or for an\ninitial staggered appointment of less than five years, a member may serve one\nadditional five-year term.\n\nD. Subject to confirmation by the affirmative vote of a majority of those voting\nin each house of the General Assembly, the Governor shall designate the chairman\nof the Board from among the Board members described in subsection A above. A\nchairman may be reappointed and confirmed for additional two-year terms, not to\nexceed a total of two. However, the initial chairman’s one-year term shall\nnot be counted against the two-term limitation, and such person may serve as\nchairman for five successive years if appointed and confirmed as aforesaid. The\nchairman shall (i) preside over meetings of the Board; (ii) communicate on\nbehalf of the Board to outside entities interested in the Retirement System; and\n(iii) perform additional duties as may be set by resolution of the Board. The\nBoard shall elect one of its members as vice-chairman and appoint a secretary\nwho may or may not be a member of the Board. A majority of the members of the\nBoard shall constitute a quorum. The meetings of the Board shall be held at the\ncall of the chairman or whenever the majority of the members so request.\n\nE. Trustees shall receive an initial stipend of $3,000 for each calendar quarter\nthey may serve and a per diem of $300 for each Board meeting attended not to\nexceed one meeting per day. Commencing July 1, 1995, the stipend shall be\nincreased annually by a percentage equal to the most recent salary structure\nadjustment as provided in the general appropriation act. The chairman shall\nreceive an additional $1,500 for each calendar quarter served in such capacity.\nGovernment employees, still actively employed by any governmental entity, shall\nreceive a per diem of $300 for each Board meeting attended, not to exceed one\nmeeting per day, but shall receive no stipend for their service. Retired\ngovernment employees shall be entitled to receive a stipend of $3,000 for each\ncalendar quarter they may serve and a per diem of $300 for each Board meeting\nattended not to exceed one meeting per day. Each Board member shall be entitled\nto receive reimbursement for all reasonable and necessary expenses incurred for\nattending Board meetings as provided in §§ 2.2-2813 and 2.2-2825. Any\nmember of the Board who also serves as an officer, director, or member of the\nboard of any corporation organized by the Virginia Retirement System shall be\nentitled to receive compensation and expenses pursuant to this subsection in\naddition to any remuneration to which he is entitled by virtue of his service as\nan officer, director, or member of the board of any corporation organized by the\nVirginia Retirement System. Funding for the costs of compensation and expenses\nof the members shall be provided by the Virginia Retirement System.\n\nF. No elected or appointed official shall serve on the Board of Trustees. Except\nfor the faculty member or employee of a public institution of higher education,\nnone of the gubernatorial appointees shall be an employee of state government.\n\nG. The gubernatorial appointees shall be as follows: two shall have a minimum of\nfive years of experience in the direct management, analysis, supervision, or\ninvestment of assets; one shall have at least five years of direct experience in\nthe management and administration of employee benefit plans; one shall be a\nlocal employee; and one shall be a faculty member or employee of a public\ninstitution of higher education.\n\nH. The legislative appointees shall be as follows: two shall have a minimum of\nfive years of experience in the direct management, analysis, supervision, or\ninvestment of assets; and one shall be a state employee and one shall be a\nteacher, as such terms are defined in § 51.1-124.3.\n\nI. State and local government employees appointed to the Board pursuant to this\nsection shall be members of the Retirement System at the time of their\nappointment, may be actively employed or retired, and if actively employed,\nshall be given administrative leave from their employment to attend Board and\nadvisory committee meetings.\n\nJ. Members of the Board shall be subject to removal from office only as set\nforth in Article 7 (§§ 24.2-230 through 24.2-238) of Chapter 2 of\nTitle 24.2. The Circuit Court of the City of Richmond shall have exclusive\njurisdiction over all proceedings for such removal.\n\nK. Faculty members of public institutions of higher education shall be eligible\nto serve on the Board pursuant to this section if they are members of the\nRetirement System at the time of their confirmation to the Board or become\nmembers of the Retirement System within 18 months after their confirmation to\nthe Board.\n\nL. All members of the Board shall be citizens of the Commonwealth.\n\nHISTORY: 1952, c. 157, \u00a7\u00a7 51-111.18 to 51-111.20; 1956, c. 363; 1958, c. 419;\n1970, c. 476; 1971, Ex. Sess., c. 88; 1973, c. 523; 1974, c. 353; 1977, c. 620;\n1980, cc. 681, 728; 1989, c. 41; 1990, c. 832, \u00a7 51.1-109; 1994, cc. 4, 85;\n1995, c. 788; 1997, c. 641; 1998, c. 196; 2004, c. 1000.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}